Chakana Copper (TSXV:PERU) Reports Gold Intercepts in Initial Scout Drilling at Soledad Project, Peru

Chakana Copper Reports Initial Results from Soledad Project Scout Drilling Program

Chakana Copper (TSXV:PERU) has announced preliminary results from its ongoing scout drilling program at the Soledad project in Ancash, Peru. The company has completed three initial drill holes in the Mega-Gold target area, part of a fully funded 3,000-meter program that began on April 5, 2024.

“We are encouraged to see the extent of alteration indicating a large hydrothermal system in the drilling thus far in the Mega-Gold area defined by strong quartz-sericite-pyrite overprinting early chlorite alteration with abundant pyrite mineralization and frequent occurrences of chalcopyrite and molybdenite. The results in the first three holes are also important in demonstrating the extent of tourmaline alteration in veins, breccias and replacements. We view this as indicating the same event related to the high-grade tourmaline breccia pipes that are part of the initial resource we published in 2022 (see news release dated February 23, 2022). In addition, for the first time, we have seen a late-mineral intrusion containing mineralized xenoliths with quartz-tourmaline-chalcopyrite. Although we have not seen long intersections in these first three holes, we are encouraged by the strengthening grades over narrow intervals. Application of hyperspectral core scanning technology to all of the drill core will help us identify mineral zoning patterns important in locating mineralizing intrusions,” stated President and CEO David Kelley.

The current drilling campaign aims to test three types of targets: high-grade breccia-hosted mineralization at Estremadoyro, porphyry-related mineralization in the Mega-Gold area, and precious metal mineralization at the La Joya high-sulfidation epithermal zone. To date, eight holes totaling 2,425.2 meters have been drilled at Mega-Gold, with an additional 465.5 meters drilled in three holes at La Joya.

The first three scout holes at Mega-Gold were drilled on the eastern side of the target area. Hole MGDH24-001 intersected volcanic rocks with deep oxidation to 109 meters depth, followed by phyllic alteration overprinting earlier propylitic alteration. Anomalous low-level enrichment of gold, copper, and molybdenum was observed.

Hole MGDH24-002 cut a similar volcanic sequence intruded by granodiorite and hydrothermal breccias. A 2-meter interval from 89 meters depth returned 1.8 g/t gold and 0.35% copper. The hole also encountered zones of low-level gold, copper, and molybdenum enrichment.

MGDH24-003 was stopped prematurely at 234.1 meters in a fault zone. It intersected andesitic tuff and andesite with hydrothermal breccias and granodiorite. A 1.5-meter interval from 127.5 meters depth yielded 11.05 g/t gold.

David Kelley, a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in the company’s news release.

In addition to the drilling program, Chakana has contracted Hyperspectral Intelligence Inc. to utilize the geoLOGr hyperspectral core scanning system on current and select previous drill core samples. This technology is designed to identify alteration minerals associated with various mineral deposit types.

Chakana will participate in The Rule Symposium from July 7-11, 2024, in Boca Raton, Florida, where investors can meet with management to learn more about the Soledad project and recent results.

The company also reported that a scheduled US$1,000,000 payment to Condor Resources, due on June 23, 2024, as part of an option agreement on three claims at the northern end of the expanded Soledad project, has not yet been made. Discussions between the companies are ongoing regarding this matter.

Chakana Copper Corp is a Canadian-based minerals exploration company focused on advancing the Soledad Project in Peru. An initial mineral resource estimate for seven breccia pipes was announced in Q1 2022, with an Inferred Resource of 4.8 million tonnes assumed to be extractable by underground mining methods, plus an additional 1.9 million tonnes assumed to be extractable by open pit mining methods.

The company follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are analyzed at ALS facility in Callao, Lima, Peru, using various techniques including 4-acid digestion and fire assay.​​​​​​​​​​​​​​​​

Highlights from Mega-Gold Scout Drilling Include:

  • Reporting three holes (1,041 m) from the eastern side of the Mega-Gold target area
  • Widespread alteration identified with quartz-sericite-pyrite overprinting chlorite alteration
  • Up to 15% pyrite encountered with traces of chalcopyrite and molybdenite in each hole
  • Narrow intervals of strong mineralization: 2 m of 1.8 gpt gold and 0.35% copper in MGDH24-002 from 89.0 m, and 1.5 m of 11.05 gpt gold in MGDH24-003 from 127.5 m
  • Persistent anomalous levels of gold noted in geochemical results
  • Abundant hydrothermal breccia encountered, cutting pre-mineral granodiorite
  • Late-mineral granodiorite identified with mineralized xenoliths
  • Assays pending for five additional holes completed in central and western parts of Mega-Gold target area and three holes at La Joya
  • Hyperspectral core scanning initiated on Mega-Gold and La Joya drill holes
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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